MELBOURNE, Fla., May 01, 2019 — Harris Corporation (NYSE:HRS) reported fiscal 2019 third quarter revenue of $1.7 billion, up 11% compared with the prior year with a book-to-bill of 1.03. GAAP earnings per diluted share (EPS) from continuing operations increased 24% to $2.02, and non-GAAP EPS1 increased 30% to $2.11. Net income increased 24% to $243 million, and adjusted earnings before interest and taxes (EBIT1) increased 15% to $341 million with margin expansion of 80 basis points (bps) to 19.7%.
"We achieved double-digit EPS growth for the sixth consecutive quarter driven by our highest organic revenue growth and margin in the past eight years," said William M. Brown, chairman, president and chief executive officer. "These results, combined with another quarter of strong free cash flow, continue our exceptional year-to-date performance and position us well to deliver on increased revenue, EPS and free cash flow guidance for the year."
"Alongside strong operating results, integration planning continues to progress well with the teams developing detailed plans to deliver cost and revenue synergies. The shareholder approvals for the L3 Harris transaction and Harris signing a definitive agreement to divest the Night Vision business, reaffirm our confidence in closing the merger in mid-calendar 2019. This transformational merger, combined with a strong addressable budget, will drive continued growth and create long-term value for our shareholders."
1Excludes discontinued operations and L3 deal and integration costs; reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
2Excludes L3 deal and integration costs; reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
The following information was filed by Harris Corp (HRS) on Wednesday, May 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-Q Quarterly Report Accession Number: 0000202058-19-000061 Submitted to the SEC: Thu May 02 2019 12:28:00 PM EST Accepted by the SEC: Thu May 02 2019 Period: Friday, March 29, 2019 Industry: Search Detection Navagation Guidance Aeronautical Sys